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Condo projects over the last 12 years are being investigated by the Addis Ababa General Audit Bureau. About 140,000 of 20/80, 10/90 and 40/60 condos will undergo audit. The investigation is being conducted by five experienced auditors and is looking into the procurement of steel bars, cement, sand, electric material, payment of workers and contactors.
Previously parliament reported that billions of birr have been invested to purchase construction materials for the condos over the last 10 years. However, lack of proper auditing has led to corruption and waste.
Yalemzewid Lemma, Quality Assurances director at Addis Ababa General Audit Bureau told Capital that the final result of the auditing will be presented to parliament.
“We need at least a year to complete the job, so far we are finding some incorrect procurement and missing money, public money should be spent in the right place, all the contractors and procurement workers should be aware that our auditing will tell which sites at the condos had spent money on them correctly and we will prosecute those who spent money improperly.’’
Recently three higher officials from the condo projects were arrested on corruption charges.
Currently over 130,000 houses of 20/80 and 38,000 houses of 40/60 are being constructed in Addis Ababa.
In related news the Addis Ababa Small and Micro Finance institution is preparing a new structure to lend money for cooperative houses.
The institution plans to lend 75 percent of the total cost of the house.